Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 7021, 48492-48495 [2018-20761]
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Federal Register / Vol. 83, No. 186 / Tuesday, September 25, 2018 / Notices
proposed rule change does not address
competitive issues but relates to the
administration and functioning of the
Exchange by allowing the Exchange
greater flexibility in attracting and
retaining well qualified officers to the
role of CRO that are not designated as
an Executive Vice President or Senior
Vice President.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were either
solicited or received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change does not: (i) Significantly affect
the protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) become
operative for 30 days from the date on
which it was filed, or such shorter time
as the Commission may designate, it has
become effective pursuant to Section
19(b)(3)(A)(iii) of the Act 12 and
subparagraph (f)(6) of Rule 19b–4
thereunder.13
A proposed rule change filed under
Rule 19b–4(f)(6) 14 normally does not
become operative prior to 30 days after
the date of the filing. However, Rule
19b–4(f)(6)(iii) 15 permits the
Commission to designate a shorter time
if such action is consistent with the
protection of investors and the public
interest. The Exchange has asked the
Commission to waive the 30-day
operative delay so that the proposed
rule change may become operative
immediately upon filing. The Exchange
notes that waiver of the operative delay
will allow it to amend its By-Laws by
September 26, 2018. The Exchange
states that the boards of the Affiliated
Exchanges will collectively meet on that
date to address, among other matters,
certain annual corporate ‘‘housekeeping
items,’’ which the Exchange states has
historically included Exchange officer
appointments. As such, the Commission
believes that waiver of the operative
delay is consistent with the protection
of investors and the public interest.
12 15
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires a self-regulatory organization to
give the Commission written notice of its intent to
file the proposed rule change, along with a brief
description and text of the proposed rule change,
at least five business days prior to the date of filing
of the proposed rule change, or such shorter time
as designated by the Commission. The Exchange
has satisfied this requirement.
14 17 CFR 240.19b–4(f)(6).
15 17 CFR 240.19b–4(f)(6)(iii).
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13 17
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Therefore, the Commission hereby
waives the 30-day operative delay and
designates the proposed rule change as
operative upon filing.16
At any time within 60 days of the
filing of the proposed rule change, the
Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is: (i) Necessary or appropriate in
the public interest; (ii) for the protection
of investors; or (iii) otherwise in
furtherance of the purposes of the Act.
If the Commission takes such action, the
Commission shall institute proceedings
to determine whether the proposed rule
should be approved or disapproved.
Washington, DC 20549, on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the
filing also will be available for
inspection and copying at the principal
office of the Exchange. All comments
received will be posted without change.
Persons submitting comments are
cautioned that we do not redact or edit
personal identifying information from
comment submissions. You should
submit only information that you wish
to make available publicly. All
submissions should refer to File
Number SR–GEMX–2018–31 and
should be submitted on or before
October 16, 2018.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.17
Eduardo A. Aleman,
Assistant Secretary.
Electronic Comments
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
GEMX–2018–31 on the subject line.
SECURITIES AND EXCHANGE
COMMISSION
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–GEMX–2018–31. This file
number should be included on the
subject line if email is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
internet website (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for website viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE,
16 For purposes only of waiving the 30-day
operative delay, the Commission has also
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
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[FR Doc. 2018–20758 Filed 9–24–18; 8:45 am]
BILLING CODE 8011–01–P
[Release No. 34–84209; File No. SR–
NASDAQ–2018–073]
Self-Regulatory Organizations; The
Nasdaq Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Amend Rule
7021
September 19, 2018.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on
September 6, 2018, The Nasdaq Stock
Market LLC (‘‘Nasdaq’’ or ‘‘Exchange’’)
filed with the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
Items I and II below, which Items have
been prepared by the Exchange. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
Rule 7021 to address the transition of
reports available on Report Center to a
new underlying platform, and to make
technical and clarifying changes.
The text of the proposed rule change
is available on the Exchange’s website at
https://nasdaq.cchwallstreet.com, at the
principal office of the Exchange, and at
17 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
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Federal Register / Vol. 83, No. 186 / Tuesday, September 25, 2018 / Notices
the Commission’s Public Reference
Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant aspects of such
statements.
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A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange is proposing to amend
Rule 7021, concerning the Report
Center, to address the transition of
reports available on Report Center to a
new underlying platform, and to make
technical and clarifying changes. Report
Center provides members with various
reports containing information
concerning the member’s own historical
quoting and trading activity on Nasdaq
and the FINRA/Nasdaq Trade Reporting
Facility, which is located in Carteret, NJ
(‘‘TRF Carteret’’). The Exchange will
begin operating a second trade reporting
facility, FINRA/Nasdaq TRF Chicago
(‘‘TRF Chicago’’), in September of
2018.3 The purpose of this proposed
rule change is to inform members of the
transition to the new underlying
platform, to clarify the contents of
certain reports in light of the new TRF
Chicago, and to make clarifying changes
concerning how the fee is assessed.
The Exchange is beginning a process
of replacing the underlying platform of
Report Center with a new platform,
Report HQ. Report HQ will be more
robust and user friendly, and thus an
improvement over the existing Report
Center platform. Nasdaq is not
proposing to change the fees assessed
for the reports under Rule 7021 or assess
an additional fee for access to the Rule
7021 reports on Report HQ. Nasdaq is
beginning the transition with reports
that may include TRF data, which are
certain Historical Research Reports
under Rule 7021(b) and the Market
Recap report under Rule 7021(d). These
reports will be available on both
3 See
Securities Exchange Act Release No. 83559
(June 29, 2018), 83 FR 31589 (July 6, 2018) (SR–
FINRA–2018–013).
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platforms concurrent with the launch of
the TRF Chicago, which is currently
scheduled for September 2018. In light
of the timing of the TRF Chicago and the
transition to the Report HQ,4 Nasdaq
will not be adding TRF Chicago data to
the Historical Research Reports and
Market Recap reports available on
Report Center, but will make TRF
Chicago data in those reports available
through the Report HQ platform. The
remaining reports available under Rule
7021 do not include TRF data and
consequently will be identical on each
platform as they are transferred over the
course of the transition.5
Any member may have access to the
Report HQ platform upon request.
Specifically, an existing Report Center
subscriber must submit a Report HQ
Request Form available at https://
www.nasdaqtrader.com/EASP/
TraderEASP.aspx?id=ReportHQSignUp.
Nasdaq will then verify the account and
send the member a registration link.6
Upon completion of the registration
process, the member will be able to
access both platforms to access reports,
and will not be charged any additional
fees for these reports. If a member does
not have an existing Report Center
subscription and requests Report HQ
access to the Rule 7021 reports using the
process described immediately above,
Nasdaq will create a login to the Report
Center platform in addition to a Report
HQ login for the member, and the
member will be charged the current
monthly $250 per entitled user, per
MPID 7 fee under Rule 7021. This
registration process ensures that
customers are able to access the whole
breadth of reports available and covered
by Rule 7021. Any new subscriber to
Report Center will receive both a Report
Center and Report HQ login. Last,
during the process of transitioning
reports from Report Center to Report
HQ, subscribers will be able to access
up to a total of 100 reports under (b)–
(f) of the rule on each platform. This
will effectively double the number of
reports available for a subscription for
the duration of the transition. All
4 In this regard, Nasdaq notes that it is beginning
the transition to Report HQ with the only reports
that include TRF data. Thus the Exchange is
avoiding the time and expense of programming new
reports for the Report Center platform, which will
become defunct upon completion of the transition.
5 The Exchange will provide prior notice via
Equity Trader Alerts of the availability of the
reports under Rule 7021 on Report HQ.
6 See https://business.nasdaq.com/media/
NasdaqReportHQ_tcm5044-43704.pdf.
7 The Exchange is proposing to clarify under Rule
7021 that the fee is assessed per entitled user, per
MPID, because under the Nasdaq Report Center
each entitled user is entitled to reports for a single
MPID.
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48493
members may access the Rule 7021
reports on Report HQ upon completion
of the Report HQ registration process
noted above.
The Exchange is also proposing to
remove Monthly Summaries from Rule
7021, and hold Rule 7021(a) in reserve.
No member has accessed Monthly
Summaries in over a year and Nasdaq
does not currently provide the report in
Report Center. The Exchange believes
that the report is no longer useful to
members and consequently is proposing
to eliminate the report from Rule 7021.
Last, the Exchange is proposing to
make two clarifying changes to Rule
7021. First, as noted above, accessing
reports under (b)–(f) do count toward
the cap under Rule 7021. In this regard,
when the Exchange added several
reports to the Rule in 2014,8 it noted
that the following reports count toward
the report cap: Nasdaq Order Execution
and Routing; Market Recap; QView
Historical Reports; and Real-Time
Registered Market Maker Report. These
reports are found under paragraphs (c)–
(f) of the Rule. In the 2014 filing, the
Exchange also added text that made it
clear that the newly-added reports
under (g)–(k) do not count toward the
report cap.9 The Exchange is proposing
to make it clear that the reports under
(b)–(f) are counted toward the monthly
cap. Second, the Exchange is making it
clear that the monthly fee under Rule
7021 is assessed per entitled user, per
MPID. Currently under Rule 7021, a
member is billed by each entitled user,
i.e., a user ID, which is tied to a single
MPID of the member. The 100 report
limit is tied to a user ID. In practice, a
member may have multiple user IDs so
that they may access reports concerning
multiple MPIDs. Report HQ has
simplified access to reports by not
requiring multiple user IDs, but rather
allows a single user ID per person, who
then may be given access to reports for
multiple MPIDs (each for the $250
monthly fee). Thus, Report HQ will
simplify access to the reports under
Rule 7021, but will not alter the fee or
what reports are provided in return for
the fee. During the transition, a Report
Center subscription will provide the
user with access to the reports for the
same MPID for Report HQ, as described
above.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
8 See Securities Exchange Act Release No. 73815
(December 11, 2014), 79 FR 75223 (December 17,
2014) (SR–NASDAQ–2014–121).
9 Id.
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Federal Register / Vol. 83, No. 186 / Tuesday, September 25, 2018 / Notices
of the Act,10 in general, and furthers the
objectives of Section 6(b)(5) of the Act,11
in particular, in that it is designed to
promote just and equitable principles of
trade, to remove impediments to and
perfect the mechanism of a free and
open market and a national market
system, and, in general to protect
investors and the public interest, by
allowing the Exchange to upgrade its
systems, which will benefit members
that use Report Center to access the
reports found under Rule 7021. As
noted above, Report HQ will be more
robust and user friendly, and thus an
improvement over the existing Report
Center platform. The Exchange notes
that all members may access the reports
available through Report HQ without
additional cost in addition to the
existing fees. Nasdaq is not proposing to
change the fees assessed for the reports
under Rule 7021 or assess an additional
fee for access to the Rule 7021 reports
on Report HQ. The proposed rule
change will not change the content of
any of the reports under Rule 7021,
other than the addition of TRF Chicago
data and the deletion of an unused
report that is not currently offered, as
discussed above. Moreover, the
Exchange is proposing to allow
members to access 100 reports under
Rule 7021(b)–(f) on either system. To
access these reports, member need only
complete the registration process, which
is provided in a non-discriminatory
manner. As noted above, if a member
does not have an existing Report Center
subscription and requests Report HQ
access to the Rule 7021 reports using the
process described above, Nasdaq will
create a login to the Report Center
platform in addition to a Report HQ
login for the member, and the member
will be charged the current monthly
$250 per entitled user fee. Thus, all
members receiving the same reports
under Rule 7021 will be assessed the
same fee. The Exchange notes that
providing members with a cap of 100
reports under Rule 7021(b)–(f) on each
system will allow firms to more easily
transition between the systems. The
Exchange believes that the proposed
clarifying changes protect investors and
the public interest by removing
ambiguities from the rule, which may
cause market participant confusion over
how the fee is assessed and what is
included in the 100 report monthly
limit. Last, the Exchange believes that
removal of the Monthly Summaries
report from Rule 7021 further perfects
the Exchange’s rule book and is
consistent with the protection of
10 15
11 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
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17:40 Sep 24, 2018
investors because the Exchange is
eliminating an unused report from its
rule. As noted above, no member has
accessed Monthly Summaries in over a
year and Nasdaq does not currently
provide the report in Report Center.
Keeping the Monthly Summaries text
under Rule 7021 would lead to investor
confusion over what reports are
available under the rule. Accordingly,
the Exchange believes that it is
consistent with the purposes of the Act
to delete the text.
The Exchange believes the proposed
rule change is consistent with Section
6(b)(4) of the Act 12 in that it provides
for the equitable allocation of reasonable
dues, fees and other charges among
members and issuers and other persons
using any facility or system which the
Exchange operates or controls, and it
does not unfairly discriminate between
customers, issuers, brokers or dealers.
The Exchange is proposing a transition
process that will not affect the fee
assessed for the reports under Rule
7021. In this regard, the Exchange notes
that all members receiving the reports
under Rule 7021 will be assessed the
same fee. Accordingly, the Exchange
believes that the proposed change is an
equitable allocation of a reasonable fee
and does not unfairly discriminate.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition not
necessary or appropriate in furtherance
of the purposes of the Act, but it is
rather pro-competitive. The proposal is
reflective of the Exchange’s efforts to
upgrade its systems to improve the
experience of its members. The
Exchange is not increasing fees nor
limiting the information available to
members through a subscription under
Rule 7021 other than the elimination of
an unused report. Moreover, the
proposed rule change will ensure that
all members receiving the same reports
under Rule 7021 will be assessed the
same fee regardless of the platform used
to access the report. To the extent that
the upgraded platform improves the
experience of members, it may make the
Exchange a more attractive venue,
which will help to retain existing
members and potentially attract new
members. Consequently, other trading
venues may be compelled to improve
their services in response.
12 15
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U.S.C. 78f(b)(4).
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C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were either
solicited or received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change does not: (i) Significantly affect
the protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) become
operative for 30 days from the date on
which it was filed, or such shorter time
as the Commission may designate, it has
become effective pursuant to Section
19(b)(3)(A) of the Act 13 and Rule 19b–
4(f)(6) thereunder.14
A proposed rule change filed
pursuant to Rule 19b–4(f)(6) under the
Act 15 normally does not become
operative for 30 days after the date of its
filing. However, Rule 19b–4(f)(6)(iii) 16
permits the Commission to designate a
shorter time if such action is consistent
with the protection of investors and the
public interest. The Exchange has
requested that the Commission waive
the 30-day operative delay so that the
proposed rule change may become
operative upon filing. Waiver of the
operative delay would allow the
Exchange to provide members with
access to TRF Chicago data through
Report HQ and make related changes to
Rule 7021 concurrent with the launch of
TRF Chicago in September 2018. The
Commission believes that waiver of the
30-day operative delay is consistent
with the protection of investors and the
public interest. Accordingly, the
Commission hereby waives the
operative delay and designates the
proposed rule change operative upon
filing.17
At any time within 60 days of the
filing of the proposed rule change, the
Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
13 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). As required under Rule
19b–4(f)(6)(iii), the Exchange provided the
Commission with written notice of its intent to file
the proposed rule change, along with a brief
description and the text of the proposed rule
change, at least five business days prior to the date
of filing of the proposed rule change, or such
shorter time as designated by the Commission.
15 17 CFR 240.19b–4(f)(6).
16 17 CFR 240.19b–4(f)(6)(iii).
17 For purposes only of waiving the 30-day
operative delay, the Commission also has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
14 17
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public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act. If the
Commission takes such action, the
Commission shall institute proceedings
to determine whether the proposed rule
change should be approved or
disapproved.
Number SR–NASDAQ–2018–073, and
should be submitted on or before
October 16, 2018.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.18
Brent J. Fields,
Secretary.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
[FR Doc. 2018–20761 Filed 9–24–18; 8:45 am]
Electronic Comments
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
NASDAQ–2018–073 on the subject line.
AGENCY:
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–NASDAQ–2018–073. This
file number should be included on the
subject line if email is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
internet website (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for website viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE,
Washington, DC 20549 on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the
filing also will be available for
inspection and copying at the principal
office of the Exchange. All comments
received will be posted without change.
Persons submitting comments are
cautioned that we do not redact or edit
personal identifying information from
comment submissions. You should
submit only information that you wish
to make available publicly. All
submissions should refer to File
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BILLING CODE 8011–01–P
SMALL BUSINESS ADMINISTRATION
Reporting and Recordkeeping
Requirements Under OMB Review
ACTION:
Small Business Administration.
30-Day notice.
The Small Business
Administration (SBA) is publishing this
notice to comply with requirements of
the Paperwork Reduction Act (PRA),
which requires agencies to submit
proposed reporting and recordkeeping
requirements to OMB for review and
approval, and to publish a notice in the
Federal Register notifying the public of
that submission.
DATES: Submit comments on or before
October 25, 2018.
ADDRESSES: Comments should refer to
the information collection by name
and/or OMB Control Number and
should be sent to: Agency Clearance
Officer, Curtis Rich, Small Business
Administration, 409 3rd Street SW, 5th
Floor, Washington, DC 20416; and SBA
Desk Officer, Office of Information and
Regulatory Affairs, Office of
Management and Budget, New
Executive Office Building, Washington,
DC 20503.
FOR FURTHER INFORMATION CONTACT:
Curtis Rich, Agency Clearance Officer,
(202) 205–7030, curtis.rich@sba.gov.
Copies: A copy of the Form OMB 83–
1, supporting statement, and other
documents submitted to OMB for
review may be obtained from the
Agency Clearance Officer.
SUPPLEMENTARY INFORMATION: Under this
program, a small business concern
without a past performance rating as a
prime contractor in the Past
Performance Information Retrieval
System (PPIRS) may request a past
performance rating in the Contractor
Performance Assessment Reporting
System (CPARS), if the small business is
a first tier subcontractor under a covered
Federal Government contract requiring a
subcontracting plan in accordance with
FAR 19.702(a). Ratings of subcontractor
performance can be requested on
SUMMARY:
18 17
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CFR 200.30–3(a)(12).
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48495
subcontracts that exceed the simplified
acquisition threshold, or subcontracts
for architecture-engineering services
valued at $35,000 or more as provided
in FAR 42.1502.
Solicitation of Public Comments
Comments may be submitted on (a)
whether the collection of information is
necessary for the agency to properly
perform its functions; (b) whether the
burden estimates are accurate; (c)
whether there are ways to minimize the
burden, including through the use of
automated techniques or other forms of
information technology; and (d) whether
there are ways to enhance the quality,
utility, and clarity of the information.
Summary of Information Collections
(1) Title: SBA Subcontractor Past
Performance Pilot Initiative.
Description of Respondents: Prime
Contractor.
Form Number: 2,465.
Estimated Annual Respondents:
2,520.
Estimated Annual Responses: 2,520.
Estimated Annual Hour Burden:
3,780.
Curtis Rich,
Management Analyst.
[FR Doc. 2018–20829 Filed 9–24–18; 8:45 am]
BILLING CODE 8025–01–P
DEPARTMENT OF STATE
[Public Notice 10557]
Notice of Determinations; Culturally
Significant Objects Imported for
Exhibition—Determinations:
‘‘Underworld: Imagining the Afterlife’’
Exhibition
Notice is hereby given of the
following determinations: I hereby
determine that certain objects to be
included in the exhibition
‘‘Underworld: Imagining the Afterlife,’’
imported from abroad for temporary
exhibition within the United States, are
of cultural significance. The objects are
imported pursuant to loan agreements
with the foreign owners or custodians.
I also determine that the exhibition or
display of the exhibit objects at The J.
Paul Getty Museum at the Getty Villa,
Los Angeles, California, from on or
about October 31, 2018, until on or
about March 18, 2019, and at possible
additional exhibitions or venues yet to
be determined, is in the national
interest. I have ordered that Public
Notice of these determinations be
published in the Federal Register.
FOR FURTHER INFORMATION CONTACT:
Elliot Chiu, Attorney-Adviser, Office of
SUMMARY:
E:\FR\FM\25SEN1.SGM
25SEN1
]]>Agencies
[Federal Register Volume 83, Number 186 (Tuesday, September 25, 2018)]
[Notices]
[Pages 48492-48495]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-20761]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-84209; File No. SR-NASDAQ-2018-073]
Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend Rule 7021
September 19, 2018.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on September 6, 2018, The Nasdaq Stock Market LLC (``Nasdaq'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II below, which Items have been prepared by the Exchange. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend Rule 7021 to address the transition
of reports available on Report Center to a new underlying platform, and
to make technical and clarifying changes.
The text of the proposed rule change is available on the Exchange's
website at https://nasdaq.cchwallstreet.com, at the principal office of
the Exchange, and at
[[Page 48493]]
the Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange is proposing to amend Rule 7021, concerning the Report
Center, to address the transition of reports available on Report Center
to a new underlying platform, and to make technical and clarifying
changes. Report Center provides members with various reports containing
information concerning the member's own historical quoting and trading
activity on Nasdaq and the FINRA/Nasdaq Trade Reporting Facility, which
is located in Carteret, NJ (``TRF Carteret''). The Exchange will begin
operating a second trade reporting facility, FINRA/Nasdaq TRF Chicago
(``TRF Chicago''), in September of 2018.\3\ The purpose of this
proposed rule change is to inform members of the transition to the new
underlying platform, to clarify the contents of certain reports in
light of the new TRF Chicago, and to make clarifying changes concerning
how the fee is assessed.
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\3\ See Securities Exchange Act Release No. 83559 (June 29,
2018), 83 FR 31589 (July 6, 2018) (SR-FINRA-2018-013).
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The Exchange is beginning a process of replacing the underlying
platform of Report Center with a new platform, Report HQ. Report HQ
will be more robust and user friendly, and thus an improvement over the
existing Report Center platform. Nasdaq is not proposing to change the
fees assessed for the reports under Rule 7021 or assess an additional
fee for access to the Rule 7021 reports on Report HQ. Nasdaq is
beginning the transition with reports that may include TRF data, which
are certain Historical Research Reports under Rule 7021(b) and the
Market Recap report under Rule 7021(d). These reports will be available
on both platforms concurrent with the launch of the TRF Chicago, which
is currently scheduled for September 2018. In light of the timing of
the TRF Chicago and the transition to the Report HQ,\4\ Nasdaq will not
be adding TRF Chicago data to the Historical Research Reports and
Market Recap reports available on Report Center, but will make TRF
Chicago data in those reports available through the Report HQ platform.
The remaining reports available under Rule 7021 do not include TRF data
and consequently will be identical on each platform as they are
transferred over the course of the transition.\5\
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\4\ In this regard, Nasdaq notes that it is beginning the
transition to Report HQ with the only reports that include TRF data.
Thus the Exchange is avoiding the time and expense of programming
new reports for the Report Center platform, which will become
defunct upon completion of the transition.
\5\ The Exchange will provide prior notice via Equity Trader
Alerts of the availability of the reports under Rule 7021 on Report
HQ.
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Any member may have access to the Report HQ platform upon request.
Specifically, an existing Report Center subscriber must submit a Report
HQ Request Form available at https://www.nasdaqtrader.com/EASP/TraderEASP.aspx?id=ReportHQSignUp. Nasdaq will then verify the account
and send the member a registration link.\6\ Upon completion of the
registration process, the member will be able to access both platforms
to access reports, and will not be charged any additional fees for
these reports. If a member does not have an existing Report Center
subscription and requests Report HQ access to the Rule 7021 reports
using the process described immediately above, Nasdaq will create a
login to the Report Center platform in addition to a Report HQ login
for the member, and the member will be charged the current monthly $250
per entitled user, per MPID \7\ fee under Rule 7021. This registration
process ensures that customers are able to access the whole breadth of
reports available and covered by Rule 7021. Any new subscriber to
Report Center will receive both a Report Center and Report HQ login.
Last, during the process of transitioning reports from Report Center to
Report HQ, subscribers will be able to access up to a total of 100
reports under (b)-(f) of the rule on each platform. This will
effectively double the number of reports available for a subscription
for the duration of the transition. All members may access the Rule
7021 reports on Report HQ upon completion of the Report HQ registration
process noted above.
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\6\ See https://business.nasdaq.com/media/NasdaqReportHQ_tcm5044-43704.pdf.
\7\ The Exchange is proposing to clarify under Rule 7021 that
the fee is assessed per entitled user, per MPID, because under the
Nasdaq Report Center each entitled user is entitled to reports for a
single MPID.
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The Exchange is also proposing to remove Monthly Summaries from
Rule 7021, and hold Rule 7021(a) in reserve. No member has accessed
Monthly Summaries in over a year and Nasdaq does not currently provide
the report in Report Center. The Exchange believes that the report is
no longer useful to members and consequently is proposing to eliminate
the report from Rule 7021.
Last, the Exchange is proposing to make two clarifying changes to
Rule 7021. First, as noted above, accessing reports under (b)-(f) do
count toward the cap under Rule 7021. In this regard, when the Exchange
added several reports to the Rule in 2014,\8\ it noted that the
following reports count toward the report cap: Nasdaq Order Execution
and Routing; Market Recap; QView Historical Reports; and Real-Time
Registered Market Maker Report. These reports are found under
paragraphs (c)-(f) of the Rule. In the 2014 filing, the Exchange also
added text that made it clear that the newly-added reports under (g)-
(k) do not count toward the report cap.\9\ The Exchange is proposing to
make it clear that the reports under (b)-(f) are counted toward the
monthly cap. Second, the Exchange is making it clear that the monthly
fee under Rule 7021 is assessed per entitled user, per MPID. Currently
under Rule 7021, a member is billed by each entitled user, i.e., a user
ID, which is tied to a single MPID of the member. The 100 report limit
is tied to a user ID. In practice, a member may have multiple user IDs
so that they may access reports concerning multiple MPIDs. Report HQ
has simplified access to reports by not requiring multiple user IDs,
but rather allows a single user ID per person, who then may be given
access to reports for multiple MPIDs (each for the $250 monthly fee).
Thus, Report HQ will simplify access to the reports under Rule 7021,
but will not alter the fee or what reports are provided in return for
the fee. During the transition, a Report Center subscription will
provide the user with access to the reports for the same MPID for
Report HQ, as described above.
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\8\ See Securities Exchange Act Release No. 73815 (December 11,
2014), 79 FR 75223 (December 17, 2014) (SR-NASDAQ-2014-121).
\9\ Id.
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2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b)
[[Page 48494]]
of the Act,\10\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\11\ in particular, in that it is designed to
promote just and equitable principles of trade, to remove impediments
to and perfect the mechanism of a free and open market and a national
market system, and, in general to protect investors and the public
interest, by allowing the Exchange to upgrade its systems, which will
benefit members that use Report Center to access the reports found
under Rule 7021. As noted above, Report HQ will be more robust and user
friendly, and thus an improvement over the existing Report Center
platform. The Exchange notes that all members may access the reports
available through Report HQ without additional cost in addition to the
existing fees. Nasdaq is not proposing to change the fees assessed for
the reports under Rule 7021 or assess an additional fee for access to
the Rule 7021 reports on Report HQ. The proposed rule change will not
change the content of any of the reports under Rule 7021, other than
the addition of TRF Chicago data and the deletion of an unused report
that is not currently offered, as discussed above. Moreover, the
Exchange is proposing to allow members to access 100 reports under Rule
7021(b)-(f) on either system. To access these reports, member need only
complete the registration process, which is provided in a non-
discriminatory manner. As noted above, if a member does not have an
existing Report Center subscription and requests Report HQ access to
the Rule 7021 reports using the process described above, Nasdaq will
create a login to the Report Center platform in addition to a Report HQ
login for the member, and the member will be charged the current
monthly $250 per entitled user fee. Thus, all members receiving the
same reports under Rule 7021 will be assessed the same fee. The
Exchange notes that providing members with a cap of 100 reports under
Rule 7021(b)-(f) on each system will allow firms to more easily
transition between the systems. The Exchange believes that the proposed
clarifying changes protect investors and the public interest by
removing ambiguities from the rule, which may cause market participant
confusion over how the fee is assessed and what is included in the 100
report monthly limit. Last, the Exchange believes that removal of the
Monthly Summaries report from Rule 7021 further perfects the Exchange's
rule book and is consistent with the protection of investors because
the Exchange is eliminating an unused report from its rule. As noted
above, no member has accessed Monthly Summaries in over a year and
Nasdaq does not currently provide the report in Report Center. Keeping
the Monthly Summaries text under Rule 7021 would lead to investor
confusion over what reports are available under the rule. Accordingly,
the Exchange believes that it is consistent with the purposes of the
Act to delete the text.
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\10\ 15 U.S.C. 78f(b).
\11\ 15 U.S.C. 78f(b)(5).
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The Exchange believes the proposed rule change is consistent with
Section 6(b)(4) of the Act \12\ in that it provides for the equitable
allocation of reasonable dues, fees and other charges among members and
issuers and other persons using any facility or system which the
Exchange operates or controls, and it does not unfairly discriminate
between customers, issuers, brokers or dealers. The Exchange is
proposing a transition process that will not affect the fee assessed
for the reports under Rule 7021. In this regard, the Exchange notes
that all members receiving the reports under Rule 7021 will be assessed
the same fee. Accordingly, the Exchange believes that the proposed
change is an equitable allocation of a reasonable fee and does not
unfairly discriminate.
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\12\ 15 U.S.C. 78f(b)(4).
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B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act, but it is rather pro-
competitive. The proposal is reflective of the Exchange's efforts to
upgrade its systems to improve the experience of its members. The
Exchange is not increasing fees nor limiting the information available
to members through a subscription under Rule 7021 other than the
elimination of an unused report. Moreover, the proposed rule change
will ensure that all members receiving the same reports under Rule 7021
will be assessed the same fee regardless of the platform used to access
the report. To the extent that the upgraded platform improves the
experience of members, it may make the Exchange a more attractive
venue, which will help to retain existing members and potentially
attract new members. Consequently, other trading venues may be
compelled to improve their services in response.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A) of the Act \13\ and Rule 19b-
4(f)(6) thereunder.\14\
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\13\ 15 U.S.C. 78s(b)(3)(A).
\14\ 17 CFR 240.19b-4(f)(6). As required under Rule 19b-
4(f)(6)(iii), the Exchange provided the Commission with written
notice of its intent to file the proposed rule change, along with a
brief description and the text of the proposed rule change, at least
five business days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the Commission.
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A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the
Act \15\ normally does not become operative for 30 days after the date
of its filing. However, Rule 19b-4(f)(6)(iii) \16\ permits the
Commission to designate a shorter time if such action is consistent
with the protection of investors and the public interest. The Exchange
has requested that the Commission waive the 30-day operative delay so
that the proposed rule change may become operative upon filing. Waiver
of the operative delay would allow the Exchange to provide members with
access to TRF Chicago data through Report HQ and make related changes
to Rule 7021 concurrent with the launch of TRF Chicago in September
2018. The Commission believes that waiver of the 30-day operative delay
is consistent with the protection of investors and the public interest.
Accordingly, the Commission hereby waives the operative delay and
designates the proposed rule change operative upon filing.\17\
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\15\ 17 CFR 240.19b-4(f)(6).
\16\ 17 CFR 240.19b-4(f)(6)(iii).
\17\ For purposes only of waiving the 30-day operative delay,
the Commission also has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the
[[Page 48495]]
public interest, for the protection of investors, or otherwise in
furtherance of the purposes of the Act. If the Commission takes such
action, the Commission shall institute proceedings to determine whether
the proposed rule change should be approved or disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
File Number SR-NASDAQ-2018-073 on the subject line.
Paper Comments
Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to File Number SR-NASDAQ-2018-073. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (https://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549 on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-NASDAQ-2018-073, and should be submitted
on or before October 16, 2018.
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\18\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\18\
Brent J. Fields,
Secretary.
[FR Doc. 2018-20761 Filed 9-24-18; 8:45 am]
BILLING CODE 8011-01-P
